RPT-Asia Rice-India rates near three-year low, Bangladesh considers cutting duty

(Repeats story first published on Thursday)
* Chinese buyers shifting to Cambodia, Myanmar - Vietnamese
trader
* Vietnam sees some demand from Philippines, prices
unchanged
* Thai markets lose out to lower rates from India, Vietnam

By Arpan Varghese
BENGALURU, Nov 28 (Reuters) - Prices of rice from top
exporter India held at its lowest in nearly three years this
week on low demand as a harvest gathers pace, while neighbouring
Bangladesh considered cutting import duty on the staple to rein
in surging domestic rates.
Rates for India's 5% broken parboiled variety RI-INBKN5-P1
were unchanged around $358-$362 per tonne, the lowest since
January 2017.
Summer-sown crop harvesting has been gathering pace, but
export demand is not improving, said an exporter based at
Kakinada in the Indian state of Andhra Pradesh.
Rising supplies have also started to push paddy prices below
the government-set purchases rate of 1,835 rupees per 100 kg in
many spot markets, exporters said.
Bangladesh, meanwhile, was considering a reduction of import
duties on the staple if local prices continue to rise, an
official with the country's commerce ministry said on Thursday.
"We're yet to take any decision. But we'll go for it (duty
cut) if prices don't stabilize," the official said, on condition
of anonymity.
In May, Bangladesh raised import duty to 55% from 28% to
support farmers amid protests over a steep fall in domestic
prices. However, prices have rebounded in the past few weeks,
despite good crops and sufficient stocks, with the food minister
attributing it to price manipulation by some traders.
A Dhaka-based trader said a duty cut was unlikely at this
point.
"I don't think the government will take such a decision.
It'll be suicidal if they do when there is huge stock in the
country," the trader said.
Vietnam's 5% broken rice rates RI-VNBKN5-P1 remained flat
for a fourth week at $345-$350 a tonne, but demand picked up
slightly after Philippines decided last week not to suspend
imports. "Buyers in Philippines, one of Vietnam's top buyers, have
started to clinch new deals although the quantity is not large,"
said a Ho Chi Minh City-based trader.
"But if this batch of shipment to Philippines is smooth,
price will increase."
Another trader based in Vietnam's Mekong Delta province of
An Giang said trading was subdued.
"A lot of Chinese buyers are shifting to Cambodia and
Myanmar as prices there are lower," he said.
Thailand's 5% broken rice RI-THBKN5-P1 prices were also
unchanged at $394-$410 a tonne, as demand was flat due to a
strong baht and lower prices offered by competitors such as
Vietnam and India.
"I've not been able to sell a single tonne for the last two
months, it's unbelievable," a Bangkok-based trader said.